Increased access to domestic oil and natural gas, rather than increased taxes on the US oil and natural gas industry, is the best strategy for increasing government revenue, jobs and energy production, a new study by Wood Mackenzie concludes.
‘US oil and natural gas companies are a major force in our economy and, with the right policies in place, could drive even greater economic benefits,’ said API President and CEO Jack Gerard, during a State of American Energy address in Washington on 4th January 2011. ‘These companies produce most of the nation’s energy, put millions of people to work and deliver billions in taxes and royalties to our government. The study shows increased access to areas currently off limits would create jobs, grow the economy and dramatically increase revenues to the Treasury, at a time when the US deficit is of national concern.’
‘We urge the Congress and the administration to promote energy policies that will aid our economic recovery and reduce our debt. This study shows increased taxes would take us backwards.’